Real Estate Flipping Tips; The 5 Elements of Success
Below are five essential
real estate flipping
tips to consider when flipping homes. In addition to making money in the short term, they’ll help you develop long term relationships that lead to repeat business with satisfied customers and lots of referrals. Here they are.
1. Find a good house in a good location. It should be in good shape and only need cosmetic repairs and touches. It should also be in a neighborhood where houses move fast and will likely get the price you want for it when you flip it.
2. Have the property inspected by a professional home inspector. If significant structural and/or other problems are discovered you can either adjust your bid in order to cover the costs of those repairs, or you can walk away from the deal without further obligation.
3. Decide on what must be done. The goal of a flip is to spend as little on improvements and repairs as possible and making a lot of money at the same time. Flooring, paint, and fixtures are a few examples of how low cost improvements can result in big profits.
4. Get the work done quickly. Whether you are doing the work yourself or hiring experts you need to get the work done as quickly as possible in order to maximize your profits. Plan projects to move quickly and avoid projects that won’t be able to generate income for a long time.
5. Finally, be flexible with the price. If you stick to your budget you should be able to go with your original targeted asking price. Do not price the property for more than the neighborhood will bear, as you definitely don’t want to turn off potential buyers by turning down fair offers.
In the end it’s better to take a lower offer and sell the house quickly than hold out for a larger offer that never comes (all the while paying costly carrying costs).
Summarily, these real estate flipping tips can help you maximize profits, minimize losses and generate repeat customers and referrals. Here are some more ideas on how to be successful
flipping real estate.
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